Tell me about owning a condo at the beach

[Anonymous]

I love the beach. Not necessarily going into the ocean (although I enjoy that from time to time), but love the sounds of the beach - the waves, sea gulls, children playing . . .

Is it worth it to buy a condo approx. three hours away if I plan to visit every month?

Is it a hassle to rent it out when not in use? I am already an airbnb host for my basement, but being a host from a distance will be different. I will of course have to find reliable cleaners and also maintenance people.

The condo I am staying at in ocean city allows airbnb. I imagine other cities have restrictions.

What are the downsides of owning? Is it better just to do a short term rental when I want a quick get-away?

[Anonymous]

Condo fees make it prohibitive. Also, unless paying in cash it is hard to get a mortgage on a condo that has a lot of rentals. And if paying cash it can be difficult at resale. Buy a house.

[Anonymous]

To me there are upsides to owning, but they’re all eliminated if you also rent it out. If I’m staying in an air bnb, I’d rather it be someone else’s.

[Anonymous]

Are you driving from DC to MD shore? The traffic is terrible.

[Anonymous]

Keep in mind that appliances age faster at the beach bc of the moisture.

[Anonymous]

Anonymous wrote:Are you driving from DC to MD shore? The traffic is terrible.

Yeah. I WFH four days a week, so I could leave on Saturday and drive home Monday or Tuesday night. It took three hours last Saturday.

[Anonymous]

Anonymous wrote:Condo fees make it prohibitive. Also, unless paying in cash it is hard to get a mortgage on a condo that has a lot of rentals. And if paying cash it can be difficult at resale. Buy a house.

Sorry, can you say more about this.

Right, totally forgot about mortgage rates on rentals.

[Anonymous]

Anonymous wrote:Keep in mind that appliances age faster at the beach bc of the moisture.

Everything ages faster at the beach.

The constant replacement of everything would make renting out my place not worth it. If you’re thinking of a second home, make it one you can afford without needing to rent out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Keep in mind that appliances age faster at the beach bc of the moisture.

Everything ages faster at the beach.

The constant replacement of everything would make renting out my place not worth it. If you’re thinking of a second home, make it one you can afford without needing to rent out.

Are mortgage rates different for second homes? Does anyone know off hand?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Condo fees make it prohibitive. Also, unless paying in cash it is hard to get a mortgage on a condo that has a lot of rentals. And if paying cash it can be difficult at resale. Buy a house.

Sorry, can you say more about this.

Right, totally forgot about mortgage rates on rentals.

If you buy the condo without a mortgage this won’t be an issue but when you want to sell and your buyer needs a mortgage and your building is mostly rentals they will face many obstacles, not even related to a higher interest rate. You can’t get a mortgage on a condo that has a lot of rental in the building. The ratio varies but they only want to give mortgages on condos in huldings with lots of owners because owners care about the property values.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Keep in mind that appliances age faster at the beach bc of the moisture.

Everything ages faster at the beach.

The constant replacement of everything would make renting out my place not worth it. If you’re thinking of a second home, make it one you can afford without needing to rent out.

Are mortgage rates different for second homes? Does anyone know off hand?

Yes, 2nd home rates are higher.

[Anonymous]

Definitely look at the condo fees too. Very high at the beach.

[Anonymous]

I think it sounds like a complete nightmare. Do the New York Times rent vs but calculator though.

[Anonymous]

Anonymous wrote:Are you driving from DC to MD shore? The traffic is terrible.

not at off times.

I would totally do it, but not if you have to rent it out. It's so hard to find good cleaners and I would not want randoms staying in my place if I'm going to be there once a month. I do like OC though, and the view from the balconies oceanfront are great.

[Anonymous]

It may be worth it--you'd just have to price it out to see what you would spend on rentals. During the summer they are high but over the winter, you can find really inexpensive rentals/hotel rooms.